One of the most popular techniques for customer base segmentation is the RFM Analysis. RFM segmentation helps you identify groups of customers for personalized, targeted marketing messaging. By grouping your customers, you can target them with personalized communications that are relevant for them, thus generating a higher response rate and an improved overall customer experience.
The key idea is that not all customers are created equal so it’s vital to know where to draw the lines and who to target in your marketing strategies and campaigns.
Let’s continue the “Know your customer” part of this series by understanding when a customer is no longer a new customer, how many times they should buy before we should propose a subscription model to them and what is the threshold beyond which we should consider promoting them to VIP status?
In the previous article we saw how combining the 3 dimensions of the RFM analysis will result in clearly defined customer segments. Now that we have a full picture of what our customer base is made of and we understand that each segment has different needs, it’s time to move forward and put in place a marketing strategy that would maximize the engagement and customer experience of each segment.
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